Property Portfolio - As of March 31, 2023, the company owned 207 properties across 34 states, totaling 9.2 million rentable square feet[266] - The company has 155 medical office and other healthcare-related buildings with a leased percentage of 90.9%[283] - The SHOP segment had 4,374 rentable units as of March 31, 2023, with a weighted average remaining lease term of N/A[283] - As of March 31, 2023, the company owned 207 properties, an increase from 202 properties at the end of 2022, with 198 properties classified as Same Store Properties[284] - The company’s total number of Same Store Properties remained stable at 198, with 146 MOBs and 52 SHOPs[285] Financial Performance - Revenue from tenants for the three months ended March 31, 2023, was $87.355 million, up from $83.650 million in the same period of 2022, representing an increase of 3.9%[287] - The net loss attributable to common stockholders decreased to $17.509 million for the three months ended March 31, 2023, compared to a net loss of $26.801 million in the same period of 2022, reflecting an improvement of 34.6%[287] - Total expenses for the three months ended March 31, 2023, were $85.530 million, down from $95.950 million in the same period of 2022, a decrease of 10.5%[287] - Net Operating Income (NOI) for Same Store Properties was $23.909 million for the three months ended March 31, 2023, compared to $23.643 million in the same period of 2022, indicating a slight increase[292] - Interest expense increased to $15.785 million for the three months ended March 31, 2023, compared to $11.764 million in the same period of 2022, an increase of 34.2%[287] Cash Flow and Capital Expenditures - Net cash used in operating activities was $5.0 million for Q1 2023, compared to a net cash inflow of $5.9 million in Q1 2022, reflecting a decline in operational performance[321][322] - Net cash used in investing activities increased to $29.1 million in Q1 2023, primarily due to the acquisition of five properties for $25.4 million, compared to $8.4 million in Q1 2022[323][324] - Capital expenditures for the three months ended March 31, 2023, totaled $3.6 million, with $1.2 million allocated to the MOB segment and $2.4 million to the SHOP segment[345] Debt and Financing - As of March 31, 2023, outstanding debt obligations were $1.1 billion at a weighted average interest rate of 5.18%, compared to 3.47% the previous year[313] - The Credit Facility includes total commitments of $655.0 million, with $150.0 million outstanding under the Term Loan and $50.0 million under the Revolving Credit Facility as of March 31, 2023[339] - The company must maintain a Fixed Charge Coverage Ratio of at least 1.50 to 1.00 starting from the Commencement Quarter, which has not yet been elected as of March 31, 2023[341] Dividends and Distributions - Dividends on Series B Preferred Stock are declared quarterly at $1.78125 per share annually, equivalent to 7.125% of the $25.00 liquidation preference per share[368] - Since mid-2020, the company has not paid cash dividends on common stock but has issued stock dividends at a rate of $0.85 per share annually[369] - The company has not made cash distributions to common stockholders for the quarter ended March 31, 2023[373] Market and Economic Conditions - Approximately 90% of leases in the MOB segment contain rent escalation provisions averaging 2.3% per year, mitigating inflation impact[382] - The increase in the 12-month CPI for all items as of March 31, 2023, was 5.0%[382] - The company must distribute at least 90% of its REIT taxable income to maintain its REIT status, which affects dividend payments[381]
HEALTHCARE(HTIA) - 2023 Q1 - Quarterly Report